EUR/JPY pushes up to long-term high

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 41% 36% 12.20%
Shorts 59% 64% -8.47%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

Despite showing signs of a possible reversal, the common European currency managed to edged even higher on Tuesday and reach its September high of 134.30 (the highest mark since December 2015).  

This shows the magnitude of strength the Euro has gained against the Yen during this period. Thus, this week might mark a beginning of a new medium– or even long-term decline in price. In the short term, however, the rate might still test the 134.70/90 area prior to falling lower. 

The closest support are the relatively distant 55– and 100-hour SMAs. Thus, there is enough potential both directions that should be realised in the next 24 hours. 

By and large, it is more likely that bears start to dominate the market during this period; however, the market might be quiet prior to ECB Conference tomorrow at 1230GMT.

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